It’s way worse than you think and way way worse than you want it to be.
Wealth Inequality in America
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It’s way worse than you think and way way worse than you want it to be.
American banks fail when unregulated, and they fail when improperly regulated. That is the one sentence summary of Broken Bargain by Kathleen Day, the latest book in my series trying to understand how the financial system is failing. My key learnings from his book are highly unlikely what the author intended. She’s a bit too anti-bank for my taste. We’d seem to agree on 99% of what is...
This idea of corporations with a purpose beyond just shareholders continues to be discussed in the news. This week in The Economist published an op-ed “What Corporations are for” ($), repeating the Friedman Doctrine and dissing the 181 signers of at the Business Roundtable earlier this month. The key word in the Economist’s essay is their measure of success of American business...
This year I turned 50 and and with that half century milestone, I’ve been looking back quite a bit more than normal this year. Case in point, in my recent post on the $80 trillion world economy, I pointed out there that the U.S. economy is one quarter of the total, or $20 trillion. 50 years ago, back in 1969, the U.S. economy was only $1 trillion (World Bank, reported in non-inflationary...
When the news talks about “the economy” they always talk about percentages, especially growth or recession. Meanwhile, the U.S. GDP (a flawed but popular measure) is almost $20 trillion, almost one quarter of the $80 trillion world economy. The $80 Trillion World Economy in One Chart Put the pretty picture and the giant numbers aside for a moment and take a step back. The U.S. news is...
I’m in the middle of yet-another economics history book and came across the fact that investors in the first Bank of the United States purchased their shares for $25 in gold, then the remaining $375 in a mix of gold and other means. The book then continued on to talk about how the bank functioned. But not me. I was sitting there wondering what other currency those investors were using, as...
